Benefits of Using RuPay for Online Gambling
RuPay is very popular in India and can be used for all everyday money transactions, including online gambling. Let's look at a few significant benefits:
1. Low fees: Most online casinos charge a fee to users that make deposits and withdrawals using debit or credit cards. However, the cost for processing transactions between the bank and the operator when using the RuPay card is typically meagre compared to other popular international card schemes.
2. Deposit & withdraw: RuPay supports both deposits and withdrawals. The straightforward process makes RuPay a very attractive option for players at online casinos in India.
3. Online safety: The RuPay payment system uses security measures of the highest standard and is safe for online gambling transactions. Money transfers are easy and risk-free, and all payments require an OTP to confirm transactions online. In addition, RuPay uses a highly secure network that protects against anti-phishing. All security measures are in place to protect your financial information from third parties.
4. Speedy transactions: This fast and reliable online casino banking method is considered very fast as there are almost zero delays when making deposits. RuPay transactions are processed locally, making it one of the best payment options when gambling online, especially with Indian online casinos.
5. Variety & acceptance: Players have a variety of cards to choose from and can opt for any of the RuPay debit or credit card selections. Three credit card options, Classic, Platinum, and Select, are accepted in over 200 countries and territories worldwide. In addition, various RuPay debit card options are available and Prepaid and contactless card options are also available.
While not all online casinos yet accept players from India to use RuPay cards, more and more casinos are incorporating this payment method for Indian gamblers. Due to low fees, speed, and safety, it is currently one of the most convenient methods for players in India.
Getting Started with RuPay
The RuPay service offers multiple choice cards, including debit, credit, international, prepaid and contactless payment systems. Much like any other debit or credit card, the applicant must supply confirmation of their identity, physical address, and bank account details.
The card can be issued directly by public banks in India, including State Bank of India, Bank of Baroda, Punjab National bank, and Bank of India. As soon as Know Your Customer (KYC) procedures are complete and the necessary documentation has been produced, your RuPay account will be active.
You can use the following documentation for identity verification:
- Aadhaar card
- PAN card
- Voter's ID
- Driving license
- Letter from a recognised public authority or public servant verifying the customer's identity and residence to the bank's satisfaction.
These are the documentation accepted for address confirmation:
- Telephone or electricity bill
- A valid bank account statement
- A letter from an employer
- Any other document (as prescribed by the bank) that has issued a card.
Once approved, the card will be delivered to the user within a week, ready to use.
Comparing RuPay with VISA/MasterCard
Since its launch in 2012, Rupay has become very popular as a banking method in India. Until then, only conventional foreign cards such as VISA, MasterCard and Maestro were available in India and dominated the market.
The Rupay initiative is intended to make banking facilities available to all, and customers were offered a free RuPay debit card upon opening a savings account. To help you decide if the RuPay debit/credit card is for you, we've listed some differences between using a RuPay and a VISA/MasterCard card.
Let's look at a few parameters:
- Global acceptance: Most VISA/MasterCards cards are accepted locally and internationally, while some international payment gateways only accept RuPay. Most Indian online casinos accept RuPay as a deposit and withdrawal method.
- Transaction speed: The processing for RuPay debit/credit cards takes place locally, making it a faster transaction in India. The difference might be a few seconds, but for online gaming, it can make a big difference.
- Processing fees: RuPay transactions take place domestically, making the processing fee relatively cheaper than using a VISA/MasterCard debit/credit card in India. Since VISA/MasterCard is a foreign card associate, it will be a little more expensive than a RuPay debit/credit card.
- Other fees: Indian banks do not have to pay an entry or quarterly fee for the RuPay debit/credit card. This makes RuPay a much cheaper option for Indian customers. On the other hand, VISA/MasterCard cards attract an initial cost, and banks have to pay quarterly, making it a more expensive option for Indians.
- Safety and security: VISA/MasterCard and RuPay compare equally well regarding online protection. The RuPay payment service system is a highly secure network that protects against anti-phishing, making it ideal for online gambling transactions.
- Card types: RuPay offers debit, credit, and prepaid cards, much like VISA/MasterCard. Currently, all three RuPay card variants (Classic, Platinum, and Select) are accepted in over 42,4 million POS locations and over 1,9 million ATM locations in 200+ countries and territories worldwide. In addition, RuPay offers a variety of debit card options, including Platinum, PMJDY, PunGrain, Mundra, Kisan, and the Classic RuPay debit card.
Because MasterCard and VISA are better known and more popular worldwide, many online casinos that accept players from India have not yet incorporated RuPay as a payment method. However, RuPay is the biggest payment system in India, and we can reasonably expect India-oriented casinos to begin offering this service soon.